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PMC Bank fallout: RBI proposes to tighten lending norms for UCBs, says exposure to single borrowers leads to credit concentration risk
Business

PMC Bank fallout: RBI proposes to tighten lending norms for UCBs, says exposure to single borrowers leads to credit concentration risk

Earlier this month, the RBI Central Board had reviewed functioning of the urban cooperative banks and the enforcement framework.

Financial system stable despite weakening economic growth; reviving consumption, investment a major challenge: RBI
Business

Financial system stable despite weakening economic growth; reviving consumption, investment a major challenge: RBI

The PSBs need to build stronger buffers to absorb any disproportionate operational losses, while private lenders need to focus on corporate governance, the RBI said.

PMC Bank scam: EOW submits 32000-page chargesheet; HDIL promoters Rakesh Wadhawan, son Sarang among five accused booked
Business

PMC Bank scam: EOW submits 32000-page chargesheet; HDIL promoters Rakesh Wadhawan, son Sarang among five accused booked

According to the RBI, PMC bank masked 44 problematic loan accounts, including HDIL loan accounts, by tampering with its core banking system, and the accounts were accessible only to limited staff members.

PMC Bank scam: RBI-appointed administrator to seek valuation of HDIL's aircraft, yacht; plans to appoint consultant
Business

PMC Bank scam: RBI-appointed administrator to seek valuation of HDIL's aircraft, yacht; plans to appoint consultant

These assets belong to HDIL group firms owned by Rakesh Wadhawan and his son Sarang, the prime accused in the Rs 6,500-crore scam at the cooperative lender.

PMC Bank scam: No objection if HDIL properties are sold off for recovery of dues, managing director Sarang Wadhawan tells court
Business

PMC Bank scam: No objection if HDIL properties are sold off for recovery of dues, managing director Sarang Wadhawan tells court

Sarang and his father, HDIL promoter Rakesh Wadhawan are currently in judicial custody after the duo were arrested in connection with an alleged scam at PMC Bank.

PMC Bank scam: Enforcement Directorate files 7,000-page chargesheet against HDIL promoters Rakesh Wadhawan, son Sarang
Business

PMC Bank scam: Enforcement Directorate files 7,000-page chargesheet against HDIL promoters Rakesh Wadhawan, son Sarang

The PMC Bank, which has around 16 lakh depositors, was placed under an RBI administrator on 23 September for six months due to massive under-reporting of dud loans.

Over 50 PMC Bank depositors detained by Mumbai Police after protest; Uddhav Thackeray meets delegation, assures all help
India

Over 50 PMC Bank depositors detained by Mumbai Police after protest; Uddhav Thackeray meets delegation, assures all help

Over 50 depositors of the Punjab and Maharashtra Cooperative (PMC) Bank were detained by Mumbai Police on Sunday after they protested outside the residence of Chief Minister Uddhav Thackeray in Mumbai, police said.

Daily Bulletin: Voting begins in 15 seats vacated by Congress, JD(S) rebels in Karnataka; RBI MPC likely to slash repo rate for sixth time in a row; day's top stories
India

Daily Bulletin: Voting begins in 15 seats vacated by Congress, JD(S) rebels in Karnataka; RBI MPC likely to slash repo rate for sixth time in a row; day's top stories

Here are day's top stories: Karnataka bypolls: Election for 15 seats vacated by Congress, JD(S) rebels today; contest ego battle for opposition, survival for BJP; P Chidambaram to hold presser at 12:30 pm, likely to attend Parliament today after bail in INX Media case ; and more

'No information' on raising Rs 1 lakh insured amount limit on bank deposits: RBI-owned subsidiary DICGC
Business

'No information' on raising Rs 1 lakh insured amount limit on bank deposits: RBI-owned subsidiary DICGC

There is "no information" on raising the Rs 1 lakh insurance limit on bank deposits, according to the Deposit Insurance and Credit Guarantee Corporation (DICGC), a wholly-owned subsidiary of the Reserve Bank of India

Parliament Updates: Rajya Sabha passes Bill prohibiting e-cigarettes; don't doubt Centre's intention, says Harsh Vardhan
India

Parliament Updates: Rajya Sabha passes Bill prohibiting e-cigarettes; don't doubt Centre's intention, says Harsh Vardhan

Parliament Updates: Rajya Sabha passed The Prohibition of Electronic Cigarettes (Production, Manufacture, Import, Export, Transport, Sale, Distribution, Storage and Advertisement) Bill, 2019. Meanwhile, both the Houses saw discussion on the Hyderabad rape and murder case, with the Opposition and Treasury benches uniting voices against the spate of crimes across the country.

PMC Bank scam: Nearly 78% depositors can withdraw entire deposits, says govt; efforts underway to repay customers money
Business

PMC Bank scam: Nearly 78% depositors can withdraw entire deposits, says govt; efforts underway to repay customers money

Sitharaman also said in Lok Sabha that in case of medical emergencies, marriages and other crisis situations, a depositor of PMC Bank can withdraw up to Rs 1 lakh by invoking the 'hardship provisions' of RBI.

PMC Bank scam: Court allows RBI-appointed administrator to sell two jets, yacht of promoters of HDIL group
Business

PMC Bank scam: Court allows RBI-appointed administrator to sell two jets, yacht of promoters of HDIL group

A court here has allowed the RBI-appointed administrator for the PMC Bank to sell two airplanes and a yacht belonging to HDIL group firms owned by Rakesh Wadhawan and his son Sarang, the prime accused in the Rs 4,355-crore scam at the cooperative lender

PMC Bank scam: Distressed depositors hold day-long protest at RBI office in Delhi
Business

PMC Bank scam: Distressed depositors hold day-long protest at RBI office in Delhi

Distressed depositors of scam-hit PMC Bank on Wednesday held a day-long protect outside the RBI office here, demanding their "hard-earned" money be returned at the earliest

PMC Bank scam raises serious questions on RBI’s efficiency as regulator; central bank should wake up from its slumber
Business

PMC Bank scam raises serious questions on RBI’s efficiency as regulator; central bank should wake up from its slumber

The PMC Bank fraud case gives aspiring crooks lessons on how to smartly fool the all-powerful RBI and commit major financial frauds.

PMC Bank scam: Top bank officials hid HDIL accounts from system, RBI tells Bombay High Court
Business

PMC Bank scam: Top bank officials hid HDIL accounts from system, RBI tells Bombay High Court

Senior officials of scam-hit PMC Bank used special codes to hide hundreds of dummy loan accounts of HDIL, to which the bank had over 73 percent of its loan exposure, the Reserve Bank informed the Bombay High Court on Tuesday

PMC Bank scam: RBI employees unions want govt to hike deposit insurance cover to Rs 10 lakh
Business

PMC Bank scam: RBI employees unions want govt to hike deposit insurance cover to Rs 10 lakh

The Reserve Bank employees unions on Tuesday urged the government to hike the insurance cover on bank deposits from the present Rs 1 lakh to Rs 10 lakh

Public sector banks reported frauds of over Rs 95,700 cr in first six months of the current fiscal
Business

Public sector banks reported frauds of over Rs 95,700 cr in first six months of the current fiscal

Government-owned banks reported frauds of over Rs 95,700 crore in the first six months of the current fiscal, the Parliament was informed on Tuesday

Govt mulls raising insurance cover on bank deposits to above Rs 1 lakh: Nirmala Sitharaman
Business

Govt mulls raising insurance cover on bank deposits to above Rs 1 lakh: Nirmala Sitharaman

Finance Minister Nirmala Sitharman on Friday said the government will bring legislations on raising insurance cover on bank deposits from the current Rs 1 lakh and regulating multi-state cooperative banks

PMC Bank scam: RBI governor Shaktikanta Das says closely monitoring situation, forensic audit underway
Business

PMC Bank scam: RBI governor Shaktikanta Das says closely monitoring situation, forensic audit underway

Reserve Bank Governor Shaktikanta Das on Thursday said it is closely monitoring the situation at scam-hit PMC Bank and a forensic audit is underway

PMC Bank scam: Depositors gather outside RBI Delhi office, demand assurance on return of their savings
Business

PMC Bank scam: Depositors gather outside RBI Delhi office, demand assurance on return of their savings

A group of distressed PMC depositors gathered outside the Reserve Bank of India (RBI) office here on Wednesday, seeking an assurance that their deposits in the scam-hit corporative bank are safe and will be returned to them within a stipulated time